Speaking at the forum, Dr. Nguyen Tuan Quang, Deputy Director of the Department of Climate Change, Ministry of Agriculture and Environment, said that there are 5 solutions to implement the Net Zero commitment, including: converting energy from fossil to renewable energy with energy storage systems, using natural resources economically; developing forests and ecosystems including marine and coastal ecosystems; capturing and storing carbon; carbon pricing including carbon tax and carbon market.
According to Associate Professor Nguyen Dinh Tho, Deputy Director of the Institute of Agricultural and Environmental Policy and Strategy, the potential for developing a carbon market in Vietnam is huge, but it is currently in the foundation-forming stage with many gaps in the legal framework that have not been filled. How to establish quota allocation mechanisms, criteria for selecting mandatory participating industries, and conditions for determining valid credits still need to be clarified.
Furthermore, the feasibility of linking Vietnam’s carbon market with the international market depends on the quality of credits and the reliability of the MRV system. However, the MRV system currently lacks a uniform process for measuring, reporting, and verifying greenhouse gases nationwide. Vietnam also lacks digital tools, making it difficult to manage credits and emission quotas, especially when the number of transactions increases.
Experts discussed and proposed key solutions, such as: management agencies prioritize building a synchronous implementation roadmap, investing in technical platforms capable of integrating with the international market; businesses proactively inventory and invest in emission reduction in association with consultants and experienced investors to optimize costs and increase profits; financial institutions build credit insurance products, carbon credit investment funds or develop derivative financial instruments linked to carbon credit prices. Thanks to that, the market will have more stable capital flows to expand the scale and improve the quality of transaction credits.
Source: https://www.sggp.org.vn/can-nen-tang-ky-thuat-va-phap-ly-dong-bo-trong-phat-trien-thi-truong-carbon-post804297.html
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